Web3 gaming platform Sandbox drops valuation by $3 billion as it raises $20 million
The Sandbox, a subsidiary of Animoca Brands, has announced a $20 million funding round at a $1 billion valuation cap aimed at expanding its creator economy within the open metaverse. This strategic funding, led by Kingsway Capital and Animoca Brands with participation from LG Tech Ventures and True Global Ventures, will support The Sandboxs vision of a decentralized virtual world where culture intersects with gaming.
Previously, in 2022, The Sandbox had looked to raise funds at a $4 billion valuation when the SAND token market cap was around $3.7 billion. However, since the token has declined to around $1 billion in market cap, the new raise aligns with the current project valuation.
The new funds will be used to enhance creators earning opportunities, update Game Maker and VoxEdit tools, introduce new social interactions and avatar abilities, and expand gameplay possibilities with a new multiplayer rules system expected to launch in Beta later this year and to the public in 2025. Additionally, The Sandbox is developing a mobile version of its decentralized metaverse, slated for release in 2025.
Sebastien Borget, COO and co-founder of The Sandbox highlighted the platforms commitment to developing creative tools and technologies that bring fairness and new opportunities for all types of creators in the open metaverse. The Sandboxs recent milestones include enabling over 25,000 virtual real estate owners to publish their LAND experiences to the public, opening its Marketplace on Polygons L2, and developing a thriving economy with more than 11,000 unique digital assets minted and sold over half a million times. He said,
Were excited to welcome new strategic partners who support our vision to develop the most accessible and inclusive platform that makes available the opportunities of Web3 to a global mainstream audience, and where brands and communities join hands to co-create the future of gaming and entertainment.
The Sandboxs roadmap for 2024 includes launching 50+ new collections, introducing new gameplay mechanics, and hosting 30+ Game Jams. The platform aims to empower creators through initiatives like the Game Maker Fund model, which includes 100 million SAND until 2028 to support creators based on their experiences engagement. The Sandbox also plans to enhance its creator support with new tools and analytics, further solidifying its position as a leader in the metaverse and Web3 gaming space.
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